As an investor and a member of the National Association of Realtors, I’ve seen some tricks by sellers. This article gives my view on what to look for when doing the final walkthrough.
What to look for in a walkthrough when buying real estate
As a member of the National Association of Realtors, I have fiduciary security to the buyer. I have to be the eyes and ears of a deal. You also need to understand what the seller wants. This can be difficult to navigate, but as long as the client’s best interests are represented, the realtor’s job is complete.
Discuss what the buyer needs to look for during the final walkthrough. I paid particular attention to seven items. These are not in important order. However, with all the items, you can determine whether the acquisition will be disastrous or profitable.
Invasion can be as harmful as ants or as harmful as bed bugs and termites. Repairing an infestation is as easy as going to a local household goods store. However, in the worst-case scenario, fixing this type of problem can cost thousands. We strongly recommend that you proactively complete the inspection.
In the past, I was surprised when I was walking a potential flip and discovered that my house was being attacked by bees. The photo below does not show the size of bee colonies and hives that span the entire inner wall.
Being aware of floods can save thousands. It is important to look at areas where water may be visible, especially if there are signs of roof aging.
Check the ceiling for water droplets. Other important areas to check are around the water heater and under the sink.
In areas where the property has a basement, it is advisable to look for moisture around skirting boards and water pipes on drywall or block walls.
Asbestos, mold and lead-based paints
In most states, these are disclosure items, if not all. That is, by law, if the seller is aware of or has evidence of any of these three issues, it must be disclosed to the buyer.
Until now, real estate transactions have been conducted on the premise that “buyers are cautious.” New state regulations are working to protect buyers. Disposal of asbestos, mold, and lead paint must meet certain environmental disposal regulations. Therefore, the fees associated with repair and disposal are higher than traditional disposal because the material contains carcinogens.
Plumbing and electricity
Plumbing and electricity are probably the most important components to inspect. It is imperative to utilize a professional home inspector and ask the contractor to review the system. In old houses, cast iron pipes need to be replaced due to the functioning of the plumbing.
Also, in older homes, there is a problem with the electric or bus fuses on the knobs and tubes. Rewiring or upgrading electricity can cost thousands of dollars and can quickly increase your rehab budget.
For the above reasons, these 7 items should be evaluated before purchasing the property. However, there are many other items that are important to check, such as roofs, foundations, and other structural issues. Therefore, my suggestion to clients is to always have a professional home inspection.
Have you missed an item to inspect?
List them in the comments section below.